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MCO capital payday co. fined 500k and license revoked....

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also known as Speedcredit

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also known as Speedcredit

 

Ya dancer..... i assume Toothfairy is gone as well. though looking at Speedcredit their site is still up and running.

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Payday loan firm shut down by OFT

 

 

 

A payday loan firm, MCO Capital, has been shut down for allowing itself to be duped by fraudsters who impersonated more than 7,000 people.

 

It then chased the victims of the identify theft to repay the cash.

 

The online firm, which traded as Help Loan, has been shut by the Office of Fair Trading (OFT), and fined £544,000.

 

The OFT said the firm had broken the rules on money laundering by failing to check the identities of its borrowers.

 

'Unnecessary distress' David Fisher, the OFT's Director of Credit, said: "MCO's failure to put adequate procedures in place made it vulnerable to fraud.

 

"The way in which MCO then wrote to consumers to collect debts caused unnecessary distress and inconvenience to thousands of people."

 

The story was first revealed in October 2010 by the BBC's Money Box programme.

 

It reported that Help Loan had only started operating in August that year but had quickly been cheated of more than £1.5m, which it then attempted to recoup by sending aggressive letters to the people whose identities had been impersonated.

 

By the end of October 2010 the firm said it had stopped chasing the people whose identities had been stolen.

 

But the OFT says the firm in fact ignored its requests to stop sending letters to them.

MCO Capital has 28 days in which to appeal against the revocation of its consumer credit licence.

 

The authorities are starting to taken an increasingly aggressive stance against rogue money lending firms on the internet.

 

The law is currently being changed, via the Financial Services Bill, to give the OFT the power to stop immediately any rogue money lenders, debt collectors and debt advice firms from operating.

 

http://www.bbc.co.uk/news/business-19194632

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One down, several more to go as a lot seem to engage in this practice.

 

Just had a text from Cash Genie wanting me to text my paydate and amount and I can have £10 off for 'rejoining' them.... fat chance as I don't have a paydate and do not want to rejoin, nor do I wish to text STOP to them as they may charge me for that. Haven't dealt with them for nearly 3 years now, probably nearer 4!

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Ya dancer..... i assume Toothfairy is gone as well. though looking at Speedcredit their site is still up and running.

 

Can anyone else confirm that they are linked to Speedcredit and Toothfairy? I don't understand how they could be related to them. It would be big news on here if those two were to be closed down.

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I've had several of them in the last few days too Sillygirl. But, I'm pretty sure that what would happen if you did accept their offer is conveniently forget about the 10 quid off and also charge you 20 quid for 'priority processing'!


"In this situation, you know what you have to do? Just keep swimming, swimming, swimming." Dory - Finding Nemo.:wink:

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Can anyone else confirm that they are linked to Speedcredit and Toothfairy? I don't understand how they could be related to them. It would be big news on here if those two were to be closed down.

 

ok go to speedcredit.co.ukfill your name, email address, and mobile number, click apply. it will now take you to the application screen.the wee orange at the bottom right hand side has TFF 2008-2012 copyright.when in the application screen look at the web address: https://www.toothfairyfinance.com/secure/loanmailer.php?step=2is that proof enough?

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ok go to speedcredit.co.ukfill your name, email address, and mobile number, click apply. it will now take you to the application screen.the wee orange at the bottom right hand side has TFF 2008-2012 copyright.when in the application screen look at the web address: https://www.toothfairyfinance.com/secure/loanmailer.php?step=2is that proof enough?

 

I get this for the weblink when on the application form for Speedcredit:

https://www.toothfairyfinance.com/secure/loanmailer.php?

 

I can't see how that relates to MCO? I know that Speedcredit and Toothfairy are the same - the former with higher interest charges!

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"Speed Credit is a trading name for MCO capital Ltd ( Reg no: 6472855) whose registered address is MCO Capital Ltd 11 Pilgrim Street, London EC4V 6RN"

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I can't see how that relates to MCO? I know that Speedcredit and Toothfairy are the same - the former with higher interest charges!

 

Welshy, here's a quote from the BBC article linked in post #4 but text not shown in the post:

 

"MCO Capital now operates online as Speed Credit, Paycheck Credit and Pop Credit."

 

Cheers,

MB78

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All i can say is...

 

 

Finally!!! The OFT had the balls to revoke the license.

 

Now lets hope their investigation shows that toothfairy, Marshall hoares and NDR are linked to them and they can all be shut down.


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Brilliant news....the sooner the better


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thats great news, speed credit tried to take 2 amounts from my bank last night which got declined. so take it this must of happened later today. They must of knew it was coming becasue at the begining of the week they told me marshall hoares owned the debt now, must of been trying to gather as much money as they could before the license got revoked

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Hopefully as part of the process all CRA reporting data will be removed from peoples accounts to - this should (IMHO) be part of the process if a company is fined for misbehaviour, and part of the licence revoking process. Would go some way to proving that being bad does not pay.... Especially now people are being knocked back for credit for the least little thing on their reports.

 

If the original company no longer exists then its credit reporting files should be immediately pulled.

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agree silly girl

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I presume that there will be nothing to stop the likes of London Treasury Services in buying all the outstanding loans for 1 pence.It will still go into Oliver Larholt's pocket.

Has anyone sent S/C a card/email of condolence yet.

 

Regards,John.

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I assume Toothfairy will be next, simply because their current director is starting to apply for new payday company licenses not only in May, but two times in mid July... I wonder if I should pay them back or wait... :-)

 

20 July 12:

Company Number 08151668

 

 

 

 

Registered Office 15 LYNDHURST TERRACE

LONDON

UNITED KINGDOM

NW3 5QA Incorporation Date 20/07/2012

Licence Number:0652156 Licence Status:Pending

 

Trading Name(s) (Current):

Tune Tribe Tunetribe.Co.Uk Tunetribe.Com Tunetribefinance.Co.Uk Tunetribefinance.Com Current Individuals that run the organisation:

 

NamePosition Gary Chapple

 

Current Address(es):

 

Address TypeAddress Correspondence15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Principal Place Of Business15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Registered Office65, New Cavendish Street, London, W1G 7LS, United Kingdom

 

 

 

 

 

17 July 12:

Company Number 08146918

 

 

 

 

Registered Office 15 LYNDHURST TERRACE

LONDON

UNITED KINGDOM

NW3 5QA Incorporation Date 17/07/2012

Licence Number:0652104

Licence Status:Pending

Trading Name(s) (Current):

 

Iceland Cash Iceland Cash Card Iceland Finance Iceland Loans Iceland Money Icelandcash.Co.Uk Icelandcash.Com Icelandcashcard.Co.Uk Icelandcashcard.Com Icelandfinance.Co.Uk Icelandfinance.Com Icelandloans.Co.Uk Icelandloans.Com Icelandmoney.Co.Uk Icelandmoney.Com

 

Current Individuals that run the organisation:

 

NamePosition Gary Chapple

 

Current Address(es):

 

Address TypeAddress Correspondence15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Principal Place Of Business15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Registered Office65, New Cavendish Street, London, W1G 7LS, United Kingdom

 

 

 

30 May 12:

 

Company Registration No.: 08089684

Incorporation Date: 30 May 12

 

Licence Number:0651739 Licence Status:Pending

 

Trading Name(s) (Current):

Communitypayday Communitypayday.Co.Uk Communitypayday.Com Current Individuals that run the organisation:

 

NamePosition Gary Chapple

 

Current Address(es):

 

Address TypeAddress Correspondence15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Principal Place Of Business15, Lyndhurst Terrace, London, NW3 5QA, United Kingdom Registered Office65, New Cavendish Street, London, W1G 7LS


24/7 Moneybox: 195.00 - Oustanding: 0.00

British Pearl/Spondoolies: 752.10 - Oustanding: 0.00

Cash on go/Peachy: 206.30 - Oustanding: 0.00

EarlyPayday: 325.00 - Oustanding: 0.00

Lending Stream: 1398.46 - Oustanding: 0.00

MicroLend: 780.00 - Oustanding: 0.00

Minicredit: 520.00 - Oustanding: 0.00

MonthEndMoney/PaydayUK: 937.50 - Oustanding: 0.00

MrLender: 715.00 - Oustanding: 0.00

Pounds2Pocket: 2328.00 - Oustanding: 0.00

QuickQuid: 1800.00 - Oustanding: 0.00

SafeLoans: 450.50 - Oustanding: 0.00

Speed-E-Loans: 516.00 - Oustanding: 0.00

SwiftSterling: 1295.00 - Oustanding: 0.00

Toothfairy Finance: 544.00 - Oustanding: 0.00

TxtLoan: 450.00 - Oustanding: 0.00

WageDayAdvance: 670.80 - Oustanding: 0.00

Wonga: 1336.86 - Oustanding: 0.00

Total: 15220.52 - Oustanding: 0.00

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Same address,same line of business,same vermin.

So that is who might be buying the loans.How will you stand with the previous contract.Will they only be able to collect the outstanding debts by means of acting as a DCA.

 

Regards,John.

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surely he wouldnt get a license. that would defeat the purpose of them suspending MCO.

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If they stuck to one trading name one licence this fiasco would not be exploited. If a company director has a company closed down then they should NOT be allowed to be a director of another company in that sector.

 

This is where statute legislation is needed. Stop the abuse of trading names and then the market may seem less murky.

 

If a payday loan company wants to set up a 'chain of deceit' there seems very little to stop them.

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Can anyone else confirm that they are linked to Speedcredit and Toothfairy? I don't understand how they could be related to them. It would be big news on here if those two were to be closed down.

 

 

MCO Capital, which was using the online names Help Loan and Balance Loan

Read more: http://www.belfasttelegraph.co.uk/bu...#ixzz237vtd3m9

 

A payday lender has been fined more than half a million pounds and had its licence revoked after falling victim to fraudsters who successfully impersonated thousands of people to take out loans.

MCO Capital, which was using the online names Help Loan and Balance Loan when it was duped, failed to carry out adequate identity checks and lacked the skills and knowledge needed to run a consumer credit business, found the Office of Fair Trading (OFT).

 

Its failures made it vulnerable to fraudsters, who used the personal details of more than 7,000 people to successfully apply for loans worth millions of pounds, said the trading watchdog.

MCO Capital then caused "unnecessary distresslink3.gif and inconvenience" by writing to people to collect the debts, even though it knew they might not have actually borrowed the money, said the OFT.

The watchdog has imposed a £544,505 financial penalty on MCO Capital and revoked its consumer credit licence, which it needs in order to trade. However, the lender has 28 days to consider whether to lodge an appeal and said it plans to continue trading, which it is entitled to do, while it decides what to do.

 

The lender, which now trades online under the names Speed Credit, Paycheck Credit and Pop Credit, said in a statement: "MCO Capital is disappointed at the decision of the Office of Fair Trading and is studying the adjudication that it takes very seriously. When we have had time to fully consider the decision of the OFT will we be in a position to decide our next steps, which could include lodging an appeal. MCO continues to trade as it is fully entitled to do so whilst a decision regarding a possible appeal is being made."

 

Lenders must carry out appropriate identity checks under the Money Laundering Regulations, which are designed to stop lenders leaving themselves open to money laundering and terrorist financing.

The frauds took place around the summer and autumn of 2010 and people were chased for loans they may not have taken out well into 2011, the OFT said. City of London Police detectives, who wrote to those whose details were compromised, also raised concerns in April last year that people had received demands for the repayment of loans they had not taken out.

 

Sarah Brooks, director of financial services at Consumer Focus, said: "MCO's practices will have caused considerable distresslink3.gif for consumers, so it is good to see this action from the OFT. However the difficulty is that currently the OFT has no power to stop the company trading until the appeals process has finished." She said she welcomed the Government's plans announced last month to give the OFT new powers to stop rogue money lenders and debt collectorslink3.gif in their tracks by instantly suspending their licences.

 

John Lamidey, chief executive of the Consumer Finance Association, which represents payday lenders, also welcomed the OFT's actions. He said: "We are working closely with the Government to help raise standards in the industry and to prevent cases like this, which can cause significant problems for consumers." He also said anyone taking out a payday loanlink3.gif should make sure the lender complies with the industry's recently introduced good practice charter.

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After reading this online yesterday, I crossed my fingers and hoped that MCO would not appeal. :smile:

 

 

According to Gary Chapple (director) MCO and Toothfairy are not linked however, I sent MCO and ToothFairy separate emails and the reply came from Mr Chapple in ONE email.

 

When asked how one company can collect the debt on behalf of another, this is his reply

 

For customer convenience debts from different lenders can be paid off through other providers websites where there is a shared platform.

 

What I interpret that to mean is that both MCO and Toothfairy use the same software (what he calls a shared platform??) however that doesn't answer the question of data protection.

 

I did query the link between the two with the OFT but still have yet to receive a response (typical OFT)


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After reading this online yesterday, I crossed my fingers and hoped that MCO would not appeal. :smile:

 

 

 

According to Gary Chapple (director) MCO and Toothfairy are not linked however, I sent MCO and ToothFairy separate emails and the reply came from Mr Chapple in ONE email.

 

When asked how one company can collect the debt on behalf of another, this is his reply

 

 

 

What I interpret that to mean is that both MCO and Toothfairy use the same software (what he calls a shared platform??) however that doesn't answer the question of data protection.

 

I did query the link between the two with the OFT but still have yet to receive a response (typical OFT)

 

I took my Loan with speed credit but the last time I checked my credit report where it shows who you currently have credit with it shows toothfairy, which to me shows they're the same company

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There are some devious people in the business world.I know of someone here in York who had several companies,one of the companies hired a subcontractor to refurbish a pub.When the work was done,the company went bankrupt and was bought out by another one of his companies.End result,the pub was refurbished for nothing.All legal,not morally.

 

Regards,John.

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